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s.com/courses/35847/assignments/3757359 Current Attempt in Progress Skysong Corp.was a 30% owner of Concord Company, holding 216,000 shares of Concord's common stock on December 31, 2016. The

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s.com/courses/35847/assignments/3757359 Current Attempt in Progress Skysong Corp.was a 30% owner of Concord Company, holding 216,000 shares of Concord's common stock on December 31, 2016. The investment account had the following entries. 1/1/15 Cost 12/31/15 Share of income 12/31/16 Share of income Investment in Concord $3,260,000 12/6/15 Dividend received $140,000 400,000 12/5/16 Dividend received 230,000 530,000 On January 2, 2017, Skysong sold 108,000 shares of Concord for $3,490,000, thereby losing its significant influence. During the year 2017, Concord experienced the following results of operations and paid the following dividends to Skysong Concord Income (Loss) $310,000 Dividends Paid to Skysong 2017 At December 31, 2017, the fair value of Concord shares held by Skysong is $2,000,000. This is the first reporting date since the January 2 sale. (b) Compute the carrying amount of the investment in Concord as of December 31, 2017 (prior to any fair value adjustment). Carrying amounts Al December 31, 2017, the fair value of Concord shares held by Skysoni $2,000,000. This is the first reporting date since the January 2 sale. (0) Compute the carrying amount of the investment in Concord as of December 31, 2017 prior to any fair value adjustment). Carrying amounts Prepare the adjusting entry on December 31, 2017 ying the fair value method to Skyson's long-term investment in Concord Company securities. (Credit accountities are automatically indented when amount is entered. Do not indent manually. I no entry is required, select 'No Entry for the account titles and enter for the amounts) Credit Date Account Titles and Explanation Dec 31, 2017 Attempts: 0 of 3 used Submit Answer s.com/courses/35847/assignments/3757359 Current Attempt in Progress Skysong Corp.was a 30% owner of Concord Company, holding 216,000 shares of Concord's common stock on December 31, 2016. The investment account had the following entries. 1/1/15 Cost 12/31/15 Share of income 12/31/16 Share of income Investment in Concord $3,260,000 12/6/15 Dividend received $140,000 400,000 12/5/16 Dividend received 230,000 530,000 On January 2, 2017, Skysong sold 108,000 shares of Concord for $3,490,000, thereby losing its significant influence. During the year 2017, Concord experienced the following results of operations and paid the following dividends to Skysong Concord Income (Loss) $310,000 Dividends Paid to Skysong 2017 At December 31, 2017, the fair value of Concord shares held by Skysong is $2,000,000. This is the first reporting date since the January 2 sale. (b) Compute the carrying amount of the investment in Concord as of December 31, 2017 (prior to any fair value adjustment). Carrying amounts Al December 31, 2017, the fair value of Concord shares held by Skysoni $2,000,000. This is the first reporting date since the January 2 sale. (0) Compute the carrying amount of the investment in Concord as of December 31, 2017 prior to any fair value adjustment). Carrying amounts Prepare the adjusting entry on December 31, 2017 ying the fair value method to Skyson's long-term investment in Concord Company securities. (Credit accountities are automatically indented when amount is entered. Do not indent manually. I no entry is required, select 'No Entry for the account titles and enter for the amounts) Credit Date Account Titles and Explanation Dec 31, 2017 Attempts: 0 of 3 used Submit

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